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good afternoon, i am elliott spitzer, and dylan ratigan has the day off. >> and i am monica novotny. taking a grilling from the financial crisis, inquary commission in washington, charles prince and robert ruben offering their account of what led to citi's crisis. >> i'm sorry. i'm sorry the financial crisis has had such a devastating impact on our country. i'm sorry for the millions of people average americans who have lost their homes. and i'm sorry that our management team, starting with me, like so many others, could not see the unprecedented market collapse that lay before us. >> board member ruben was
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contrite but quick to spread the blame. >> almost all of us, including me, who were involved in the financial system missed the factors that led to the crisis and the serious possibility of a massive crisis. we all bare responsibility for not recognizing this, and i deeply regret that. >> bill thomas blasting both men for missing the signs and pointing out that's what they were paid hundreds of millions of dollars to do. meantime, new poll numbers show an american public fed up with wall street bailouts but worried congress won't do enough to prevent them. 70% have no confidence they will reduce the bailouts, and 30% oppose it. more than half worry reform will further hurt the economy.
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>> joining us now, simon johnson, contributing business editor of "the huffington post," and wall street takeover and the next financial meltdown as well as freeland, an editor at large. thank you both for joining us. have we learned anything at all? >> i think we learned people that are paid hundreds of millions of dollars to manage these banks were not up to the task. the question, of course, still is whether anybody could have done it or whether the banks have become too complex for anybody to control, and that's what mr. greenspan said yesterday. >> and it seems to me, the question is is there any federal agency or any of the banks that got it right? despite it all, did anybody get it right?
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>> goldman did a good job. as a financial bet, goldman was really on target, and gp morgan did a good job, too. >> they needed billions in bailouts -- >> yeah, and neither they could survive when the system failed. and simon's point is right, although it's tempting to portray this as greedy individuals, i think it's a story of systemic failure, and if we are trying to avoid a crisis of this magnitude, the place to look is regulation. >> simon, let me ask you this question, and i will come back to you. was this a lack of power or a lack of will to use the power regulators already had? >> mostly a lack of will, and a
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failure of ideology and thinking and mindset. of course, mr. rubin, as former secretary led the charge towards deregulation in the 1990s, for example, around over-the-counter derivativ derivatives, and that's a huge part of how the regulators got so confused and so left behind by the companies. >> if i understand you then, the regulators had the power to do what needed to be done in terms of diminishing leverage and they chose not to do it, and in this case, do we need new laws or regulators? >> i think better laws would be helpful and a institutional restructure would be helpful, but the problem is the thinking of the regulators as it were. the u.s. and britain got into a mindset in the past decade the job of regulators were to be farmers and help grow the
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financial sector, and actually their job is to be the policemen. their job was to push back and prevent the sector from taking too many risks. >> we have seen a lack of will and decisiveness, who would you put in charge of the fed. bernanke was just as part as greenspan. who would you put there to use the muscle that will inbound whatever bill is passed? >> the president of the kansas city fed. mostly on the issue of too big to fail banks, on the issue of reigning in the power of the corporate monsters that are beyond anybody's control, they have it exactly right. and ben bernanke does not get it. >> what about professor johnson himself? >> simon, you have been
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nominated. the too big to fail is below the radar and the focus is consumer protection. and some said we will get a consumer protection agency but in return nothing about systemic risk. >> i think consumer protection is obviously easy to sell, and it's more connected to the pocket books. one thing the financial crisis out to have taught us is the seemingly things that have a huge impact on peoples' pocket books. >> have we done anything yet to prevent this from happening the next time? >> no, nothing. the situation has gotten worse, because the former bailout provided to the banks back in the spring of last year by the obama administration encouraged them to go out and take risks
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again. it's reinforced. goldman sachs is convinced today they are too big to fail. >> we have the same people in charge and the same ideology and things are getting worse and not better. is there good news somewhere? >> we avoided the second great depression. that huge car crash that could have happened has not quiet happened, but it could be in the future. the risk is greater than it was before, because we thought these banks had an implicit guarantee, and we thought they would be bailed out and now we know. >> they are telling me time is up, and we will have to play with the farmer and policeman as we go forward. thank you. and the fight for the 2012 nomination, but what may be more interesting is who is not among them. a new start for president obama, he signs a pivotal treaty
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with russia, but does he face an uphill battle in the senate? and then smoking in an airplane bathroom. should he get off scott free? we'll be right back. he recommended citracal. it's different -- it's calcium citrate, so it can be absorbed with or without food. also available in small, easy-to-swallow petites. citracal. mayo's always saying how real it is. we agree. it's real... boring. ♪ are you up for some sandwich-kicking flavor? are you miracle whip? to create thermocontrol™.
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when the united states and russia are not able to work together on big issues, it's not good for either of our nations nor is it good for the world. together we stopped that drift and proven the benefits of cooperation. >> and that clip from today,
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president obama and medvedev signing the treaty years in the making reducing the number of warheads to 1500 over seven years. there will be republican opposition to the treaty in the senate, and will the votes be there to ratify it? joining us now, the director of the operations for the american center for law and justice, and a political correspondent for "the huffington post." what is the difference between stockpiled and deployed? we are going to say 1,500 deployed warheads, but we have thousands of additional stockpiled weapons. is this a difference that matters? >> yes, it's a difference that matters in the treaty itself, and it looks like we are cutting our nuclear arments in half, and it doesn't affect both of the stockpiles that we and russia have. have you a different kind of numbers game going on here when you are talking about the nuclear treaty. i think it will be one of the
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issues that the senate will have to continue. >> russia will have 12,000 stockpiled and we will have 94, and other countries have thousands. is this a big deal or not if we still have thousands of warheads sitting in the warehouse ready to be deployed? >> i think, eliot, it is a big deal as far as public perception goes. a lot of young people think this is a great idea, and i was listening to rush limbaugh on the way over and he thinks we are caving into russia and giving more than we need to. it's a partisan debate over this. and obama has the wind at his back, because he realizes he can afford to take risks like this. >> there are many warheads. it's overkill at every level, isn't it? couldn't we cut another thousand
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warheads? >> we are talking about a treaty that did not handle the major problem which is our defense shield. that's not including the treaty. the russian foreign minister said we read the treaty as saying the united states cannot build that shield, and the united states said we left it out. this could be a treaty that has to be debated by the u.s. senate because we are not sure about the ramifications. >> will the treaty be ratified as long as the ambiguity remains? >> i believe it will be probably end up being ratified -- >> probably end up -- >> yeah, you caught me. i think the senate will argue this the way they argued every issue, is it will go down party lines. that's what the president is ready for. >> will there be eight or nine republican votes for this? >> it will be close. republican senator, dick luger,
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he will -- >> guys, we are switching from nuclear warheads to nuclear cars. we are going to an e-mail from a toyota executive sent before the recall saying the company is trying to hide the acceleration problems. toyota's response, we admit to doing a poor job of communication, but here is the question, how long did toyota know about this before it became public? who has an idea on that one? >> i think the crime is that they covered it up. i think if you had a problem, whether it was five days as some of the recent correspondence indicates, or two months, it's too much time. if there were drivers on the road that were not safe, toyota has a problem, and it's a huge problem. >> but it's a question that i cannot answer. if i am correct, toyota sales were up, not down, up, about 40%. so do consumers not want brakes?
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how does it work? >> it took a 9% dip when the information came out, and then a jump up to 40%, huge earnings and a very different situation. it will be governed by the market, do americans still trust toyota, and then the deals toyota was offering, and i think they could continue to do so. >> the fine being imposed so far, $16 million -- >> yeah, that's it. >> this is chump change? what should the sanction be? >> i think the consumers have to handle the situation. if people did not trust toyota, they will not buy toyotas, but as the last month figures indicate, people do trust them and are buying them in record numbers. >> do they trust toyota? >> we trust them because they have been slashing prices on cars, and americans like a good deal. toyotas, which is fundamentally a good car, and the brakes are safer now than 9-12.
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>> how many people have been injured? give me a number. i can save 1,000 bucks in a car, and therefore i will take the risk? >> i think you have a number of incidents reported, and lot of them -- there was a lot of confusion as to whether this was happening, and the e-mail clears up whether or not there was a serious problem with toyota. there was a question whether that existed in some of the cars like the prius, but at the end of the day, it will be driven by the market. the people cutting the deals, if they thought they would be killed by the brake system, and now they are buying them today. the diplomat caught smoking in the lbathroom, what happens o him? nothing. it's almost enough to make you want to take a toyota to denver and not fly. what needs to happen?
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>> he needs to be recalled by cutter. cutter could do the right thing here. it came on the same day the obama administration announced they no longer want to use the word radicalismic, and he is joking about a shoe bomb. >> to me, there is more than meets the eye. it's insane to smoke a cigarette in an airport. if he was intear gatd i think it's appropriate. sounds like too little interrogation occurred. if he was going to visit an al qaeda operative in prison, there is more to what meets the eye. >> can we entii intear gate --
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interrogate him? >> i think whether or not the radical groups have gotten to the diplomats who can test our systems. f-16s were scrambled, and he has the time of what it would take, and then he makes a joke. >> is diplomatic immunity the next area we should think about in terms of insuring that terrorists organizations -- >> i think sleeper cells are very real threats. i think people forgot these things are still out there and the dangers are real even if we have not seen anything happen that affected us for a while. >> was denver where the prison was? a lot of snow in the rockies, so why denver? >> there was meetings going on in denver.
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at the end of the day what needs to happen and the u.s. government needs to look at the diplomatic immunity discussion, and do we look at it selectively, like the new watch list we are preparing where you are marking countries down that are of course of concern. i believe there is a lot more to this story and he could have been testing out the systems, and that has been done in the past. >> and the way he joked about it, makes you think he was doing something to intentionally freak people out, and he could be involved with terrorists, and he got through the airport security. >> is the next technology, where we see cigarettes and matches as well. i went through a full body scan the other day, and how could they have not seen this? >> there is no ban. you can take cigarettes and matches on airplanes. you can not bring a lighter. >> now we are banning cigarettes and matches, and five years from now everybody will be forced to
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fly naked. thank you so much. coming up, sarah palin's star power. the gop's big conference. we'll be right back. [ male announcer ] how can rice production in india
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record leflt levels they are all coming into bloom around the same time, which means larger than normal amounts of pollen are irritating our airways. justid, sign cysts found 6,000 particles. that's the highest number they have seen in years. richmond virginia, and washington, d.c., yuma, arizona.
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pharmacies are restocking medication every day to keep up with the demands, but the best remedy say the doctors, stay inside. up next, the gop figure in the 2012 race. plus, the latest on the west virginia mine tragedy. search teams hoping they will be able to get back underground to search for the missing minors by tonight. we wi aren't absorbed properly unless taken with food. he recommended citracal. it's different -- it's calcium citrate, so it can be absorbed with or without food. citracal. like 100% whole grain, the way triscuit does,
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welcome back to the dylan ratigan show. i am eliot spitzer. >> and i am monica novotny. and the big conference is considered the biggest gop
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gathering outside the convention. and the speakers include sarah palin, and newt gingrich, and haily barbour, as you see there. listen. >> the republicans have been getting criticized lately with the mistaken concept surrounding republicans right now that they are the party of no, and they are the party of no, and we are saying what is wrong with being the party of no when you consider what it is the obama, pelosi and reid are trying to do with our country. so be it. >> not attending the festivities, mitt romney. some suggests they were scared away by palin's star power.
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and ron paul could throw a wrench in the plans as he did in the february c-pack constance. >> the winner of this year's c-pac -- now, it's texas congressman, ron paul. >> it will be a big test for michael steele over misuse of funds. and he will address the crowd on saturday. joining us now, former white house official as well as washington post editorial writer. >> hi, eliot. >> aren't they saying we don't want to go near the crazies? >> that's an interesting way to put that question. i don't blame particularly romney for not wanting to show up. in a statement that he put out,
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the focus is 2010, not 2012. besides, he is on a book tour, and huckabee has his show. and so palin is the only a-team they got, it seems. >> does anybody think sarah palin can lead the republican party back to the white house? she has a base of some 35% of the public, but nobody thinks she comes close to 50, and she makes a joke about the party of no, because the republican party left the country in good shape when george bush was in the white house, so where is the affirmative message and why isn't it being made with any of the people down there? >> i don't believe palin will run in 2012, but that is not to say she cannot energize the base and drive a lot of votes to the eventual nominee.
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and the way the gop often works is the next guy in line is the frontrunner, and right now a lot of people think mitt romney of massachusetts has earned the right to be the next person in line. there is a lot of logistical reasons he would not want to go and i think he understands how politics works and he is trying to put himself in the best position possible. >> doesn't he have a problem with romney care, the massachusetts health care plan that under his authorship, and massachusetts embraced it, and how does he run from the republican party's criticism from obama care? >> i think what is going on, governor pawlenty is trying to use the same points. governor romney feels he is knocking down the issues on his book tour, and he feels it's retail politics for him, and to reach out slowly. it's more for him about 2010 right now and seeing what
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happens in november than it is in 2012. that will be an issue in the primary. >> maybe governor romney understands by the time he is up for election in 2012, if he is the nominee, the health care plan will be popular, and rather than sit here today and criticize it, and he would step back and be able to in a few years to say it's not so bad, in fact, they followed me. does that make sense? >> that makes a whole lot of sense. from the white house to folks down who are hoping obama care will work are hoping you are right, because there are a lot of provisions within the health care law that many people wanted. there are still lots of things out there unknown, but i think your theory is a good one. but, you know, eliot, there is something that we have to watch in this conference that is about to happen. tonight, you played that clip of sarah palin saying, you know, what is wrong with being the party of no? tonight, apparently former
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spae speaker of the house, newt gingrich is going to say we have to be the party of yes, we have to stand for something, and it will be an interesting contrast to see hell no palin, and then the party of yes newt gingrich. >> i am still intrigued by the health care, the obama care were supported by senator mccain and mitt romney, and universal participation or you pay a penalty. and those are the pieces of tea partiers don't like, but isn't their genesis scaquarely in the republican party? >> well, so what he is doing right now is test flying certain lines and certain places on the book tour to see how they work. ultimate lehi understands it
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will be an issue. when you talk about the tea party, both sides have to be careful how they read the tea leaves so to speak, because the tea party is really the x factor in a lot of the elections coming up, because nobody is reading them correctly. >> given your sensibility of what is going on, is the tea party burning out, is the lack of principles beginning to lead into dissolve? >> i don't think so. what they care about is fiscal responsibility, and national security and lower taxes and smaller government. as long as they focus on that -- it's not about democrats or republicans or independents, it's a lot of americans across the spectrum that worry about those things, and right now i think at least at the moment obama is failing. >> jonathan, do you agree that's the principles? nobody has captured them yet? >> a lot of people don't think
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anybody has captured those principles. but doug is right, the mistake a lot of people are making is focusing on the far extreme portion of the tea party movement that gets all the attention, the people that spit at congress, and people that storm the halls of capitol hill during the health care vote, and the tea party demonstrations, you focus on that and ignore the fact that there are people, democrats and republicans and independents that focus on what is going to happen in the future, and to ignore those folks is to put yourself in electoral jeopardy if you are running for office. >> do you think newt gingrich will have an affirmative agenda if he wants the republican party to be the party of yes that speaks to them and can answer the deficit problem in a way that will satisfy the tea party? >> we will find out tonight. >> doug, what would you say if
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you scripted the speech today? cut taxes or medicaid? what button do you push? >> i think with newt gingrich he is testing the waters as you eluded to, and his message has been confusing for especially the conservative base, but certainly they have to put something forward that is positive and really resinates with the american people, and as you are going to see in the next few days, they will test fly a lot of the issues. >> doug, jonathan, thank you so much. back to monica for other headlines of the day. we will start with disturbing footage released by the taliban. he is identified as bowe bergdahl. in the video he begs to be released and returned to his family in idaho. he says the afghan war is not worth fighting, and there is a assumption he could be coerced into saying this. the taliban last released a video of him on christmas.
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and violence is intensifying in kyrgyzstan. clashes between protesters and police have already left dozens dead and hundreds injured. kyrgyzstan's president is refusing to surrender power. the interim government says it will rule until elections could be held. as a u.s. air base there, it's a pivotal transit area for troops in afghanistan. we are joined with the latest from kyrgyzstan. >> reporter: well, it's a day of calm rallies after yesterday's violent anti-government protest that led 40 people dead here, and ousted the president from his office. we went to visit the white house a few hours ago, and extensive damage and parts of the building still smoldering from fires, and the smoke was so think we could
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not spend but a few minutes in the entranceway. and then offices were smashed and doors were kicked in, and the leader of the interim government of the opposition groups said the president is now in the south of the country trying to rally his troops and hold on to power but the opposition group said they would only talk to him if he was willing to resign and formally hand over power. the people i spoke to here are ant anti-kurmanbek bakiev. over 1/3 of the population is underneath the bapoverty line. there is a vital transit hub for supplies going into the u.s. campaign in afghanistan, and i spoke with the head of the interim government, head of the
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opposition groups, and she said as of now, there is no change of policy, and there is no change for the status for the base, but she does want to talk to the u.s. ambassador soon to talk about the base and in the past the opposition has said they are opposed to the base remaining open. it remains to be seen how they are going to get around that issue. back to you. >> russia now says it will send a paratroopers into the central asian nation to protect its military base there. and 200 people have been buried by a massive landslide in rio de janeiro. search crews are trying to move out the earth and find any possible survivors there. an update for you on the west virginia mine explosion that killed 25 miners and left four missing. president obama ordered u.s. mine safety officials to report next week on the cause of the disaster and to give ways to
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prevent this type of tragedy from happening again. earlier today rescue crews were forced to turn back because of a gas mixture inthe mine. crews did make it within 25 feet where the missing miners may have gone. rescue teams will resume the search tonight. >> this is a set back. it's the worst of the options from the rescue attempt. but the rescue attempt is valid, because if they are alive, they are in the chamber. >> and we are joined with the latest. brian, i know they were turned back relatively quickly. were the search crews able to glaen anything from the rescue attempt? >> reporter: for the rescue workers getting so long to get inside the mine, it took them
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five hours to get five miles in there and got to within 500 feet of the target zone, and then they got the bad news that the air readings were too dangerous, and the air was too explosive, and they had to turn around and double time it back out of there according to officials. they say quit the rescue workere angry, because they had to turn around and head out. right around the 6:00 or 7:00 timeframe, they can go back in there and give these families closure. the four missing miners, they are hoping they could have sought out one of these rescue shelters and found some way to survive, but that is a very, very slim possibility. and officials say at this point it is still a full rescue operation. at some point soon they will have to talk about returning to the recovery part, bringing out
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the 25 miners they know have died, and giving families word on who died and when they might be able to have a funeral. >> i read reports there has been a discussion how long if the miners did survive the blast and made it to the airtight chamber, how long they would be able to survive based on the supplies there. and one thing i read this morning was if they are there, because there is a small number of them, they might do well for a longer period of time, and it might give the families a bit more hope. have you heard more on that? >> reporter: the rescue shelters are designed to keep 15 miners alive for about 96 hours. that points us to sometime tomorrow evening. and the hope is that if three or four of the miners, if one of them happened to make it inside the shelter, and is just waiting, that they would have enough oxygen and supplies to just wait out the rescue attempt that they know would be coming
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for them. but officials here and the families really have very little hope that that might have happened, but they say that they are god-fearing people, and they have faith and they are really hoping against hope that that might be the miracle that they are hoping for. >> certainly our thoughts are with them. brian moore, thank you so much. virginia governor bob mcdonnell is now apologizing for a quote, major omission, in his history proclamation. he failed to make any mention of slavery. he now calls that a mistake and says that he is sorry to any virginian disappointed or offended. madoff's exclusive penthouse is off the market. it sold for $8.8 million, a million less than the original asking price. the buyer is a toyota executive that was behind the cabbage
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patch kids and pokey man. police just released video of a man last month so drunk he stopped his car in the middle of a busy highway in albuquerque to sleep it off. and one officer slashed the tires so if he woke up he could not escape. and that's what happened. this was the second time they arrested wainwright for dwi this year. and then how a new york times reporter stopped covering goldman sachs and started to promote them. boss: so word's gettin' out that geico can help people save in even more ways -
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we are back with busted. first up, the u.s. military says it has no plans to re-open the case in the attack that left 1,000 civilians dead in baghdad, this after a release this week showing the attack. it sparked anger saying the american helicopter crew responsible for the attack may have broken the rules for engagement. pentagon lawyers are reviewing the video, but the military says there are no plans to reinvestigate the case. reuters editor in chief says he would welcome a new investigation. next up, the revolving door keeps spinning, and goldman
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sachs just hired a new consultant, and it's a new york times financial reporter. he is now a consultant for goldman and spent years in washington covering regulators like the scc. and he will report to top executives. he is moving from covering goldman sachs to covering them. and we know times are hard but have to bust the guys that put counterfeit, fake, $1 bills in a tip jar. next, trying to bust a move and failing miserably. this video is all over the web right now. an indoor soccer player attempts what is called the michael jackson, and a flashy spin and
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instead he is not able to convert. soccer officials are talking about banning such moves. misspelling the name of their own city on one of the jerseys. can't make it up. this shows the player in his misspelled jersey. the giants are not the only baseball team that had trouble spelling. and last season the nationals had two misspelled jerseys. the giants said they will fix velez' gray jersey before the next home game. and then we have a jam-packed show tomorrow, and ron paul, and chair of the
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financial crisis commission, but first, chris matthews will have more on the future of bob mcdonnell. can he survive the flap over confederate history month? with or without food. also available in small, easy-to-swallow petites. citracal.
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in today's town square, the continuing fight over health care. >> and with the ink after the debate, six states are seeking legislation to prevent health care plans to not cover abortions. some abortion opponents want
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restrictions on any insurance plans offered in their state from covering the procedure. those proposals come after five more states join the lawsuit against the landmark health care over haul. it says it forces individuals to purchase insurance which they say is unconstitutional. thank you for joining us. there is, and i hate to be a technical lawyer, but i was attorney general at one point, but there is a supremacy clause, a state cannot overrule a federal statute. how do you hope to do this? how can your state law trump a federal law? >> well, i think many of us have the opinion that this law is unconstitutional. in the state of tennessee, i have attempted to pass the health freedom act, and we got that passed the senate last month. it's in the house this month. we are hoping to get that done.
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it says that people in tennessee will have a choice whether or not they want national health care or they want their own policy. and it says that if the federal government tries to penalize us in anyway, the state attorney will defend us in that action. >> i have enormous respect for you on your views, and we may disagree with choice and abortion, but as a legal matter, how can the state of tennessee trump a federal law when the u.s. constitution clearly says the federal law is the supreme law of the land and states just cannot do that. what is the theory that will permit you to succeed in court where this will clearly end up? >> i think the president is trying to use the commerce laws to mandate that everybody buy a particular -- or do a particular thing, and that's buy a contract for insurance. never before in the history of the country have they tried to use the commerce clause to

The Dylan Ratigan Show
MSNBC April 8, 2010 4:00pm-5:00pm EDT

News/Business. The day's most important issues and breaking news stories.

TOPIC FREQUENCY Toyota 12, Us 12, U.s. 10, Russia 6, Citracal 5, Goldman 4, Romney 4, Washington 4, Sarah Palin 4, Newt Gingrich 4, Ron Paul 3, United States 3, Kyrgyzstan 3, Palin 3, Goldman Sachs 3, Novotny 2, Huffington 2, Dylan 2, Campbell 2, Simon 2
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